FAQ
Elitecrypt.com connects investors and business by using our algorithim to matching their financial demands on our platform and helping them strike deals. Prospective businesses and investors place Loan Requests and Loan Offers and indicate the loan parameters they prefer: interest rate, term, loan amount, etc. Interest rate is fixed at a level that should be attractive for risk-free lending to both investors and businesses. All loans are secured by crypto collateral and the value of pledged collateral is closely maintained to ensure full risk coverage at all times. Collateral remains property of the borrower and is promptly returned upon loan repayment.
Elitecrypt.com loans are secured by crypto collateral provided by borrowers. The crypto collateral value is monitored on an ongoing basis to make sure the loan amount is covered by crypto collateral at all times. Borrowers are requested to add crypto to their collateral if its value decreases.
Borrowers and investors set interest rates on their own when they make Loan Requests and Loan Offers. The interest rate is the cost to pay on a loan for the borrower.
Interest is calculated based on the formula: Daily Interest = (Loan Amount × Interest Rate) / 360, where 360 is used for the number of days in the year no matter what the actual number (365 or 366) is.
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